China's IPO Door Indefinitely Shut

Dec. 26, 2012 8:50 p.m. ET

China isn't likely to open the floodgates for new stock listings soon, despite the recent rally in its stock market.

A 12% gain so far this month means the benchmark Shanghai Composite Index is up 0.9% this year, but it remains one of the world's worst performers, far behind the 21% surge in the Nikkei Stock Average and the 7.5% rise in the Dow Jones Industrial Average. The sagging stock market prompted the China Securities...